This two-story MOB at 1320 Broadcasting Road in Wyomissing, Pa., recently changed hands. (Photo courtesy of Brown Gibbons Lang Real Estate Partners)
Chicago, Illinois, November 28th, 2016 – Brown Gibbons Lang | Real Estate Partners (“BGLREP”), a division of Brown Gibbons Lang & Company (“BGL”), is pleased to announce the sale of two (2) medical office buildings, totaling 57,000 square feet, located in Wyomissing, Pennsylvania and Pottsville, Pennsylvania. Christopher Stai and Clinton Parker, Managing Directors of BGLREP’s National Healthcare Real Estate Practice, and Andrew Larwood and Allen Inman, Associate Directors of BGLREP’s National Healthcare Real Estate Practice, served as the exclusive advisors to the sellers in the transaction.
The two-story medical office building, located at 1320 Broadcasting Road in Wyomissing, PA, is 100% leased and occupied by Reading Health Physician Network – Cardiology (the “Practice”), which is a part of Reading Health System. Consisting of approximately 21,000 square feet, the state-of-the-art single-tenant medical office condominium provides convenient patient access and proximity to Reading Hospital where the physicians perform their inpatient procedures. The Practice offers a full range of services for all sub-specialties of cardiology, including cardiology testing, cardiac/vascular testing, cardiac procedures, and heart valve clinic procedures.
Evergreen Medical Building (the “Property”), located in Pottsville, Pennsylvania, is the premier multi-tenant medical office building for the area, consisting of approximately 36,000 rentable square feet. The two-story Property is 100% leased to a variety of physician practices, including anchor tenant, Integrated Medical Group, which occupies 64% of the Property. Evergreen Medical Building offers a diverse mix of specialty services ranging from MRI, endoscopy, gastroenterology, neurology, internal medicine, physical therapy, well as several other specialties and resources for the residents of Pottsville and surrounding communities.
Allen Inman, Associate Director of BGLREP’s National Healthcare Real Estate Group stated, “Our clients for both transactions are very pleased with the results. We achieved outsized valuations in their respective markets.” Andrew Larwood added “Both properties were acquired by healthcare REITs, which continue to aggressively seek acquisition opportunities for healthcare real estate assets that are in stable markets and represented by best-in-class physician practice groups and health systems.”
Last year, BGLREP represented the physician-owners of Surgical Institute of Reading on the sale of their hospital real estate, which consisted of a 33,000 square foot physician-owned Short-Term Acute Care Hospital located in Reading, Pennsylvania, approximately 65 miles northwest of Philadelphia. In addition, BGLREP represented the ownership of Clarion Community Health Center, a multi-service community health center located in Clarion, Pennsylvania, a northeastern suburb of Pittsburgh.
“Both transactions involved BGLREP’s expertise in negotiating new leases with the respective health system and surgical management company, enabling the physician-owners of the real estate to get liquidity and maximize value in a yield environment that continues to reward sellers of assets that possess certain qualities and characteristics.” said Christopher Stai, Managing Director and co-leader of BGLREP’s National Healthcare Real Estate Group.
About Brown Gibbons Lang | Real Estate Partners
BROWN GIBBONS LANG | Real Estate Partners (BGLREP), a division of Brown Gibbons Lang & Company, is a leading national advisor in healthcare real estate, specializing in providing healthcare real estate owners with tailored transaction strategies, including debt and equity recapitalization, sale-leasebacks, partial sale-leasebacks, tax deferred transactions, such as an UPREIT or a §1031 like-kind exchange, and other nuanced transactions designed to optimize value and flexibility for the client.
About Brown Gibbons Lang & Company
Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago, Cleveland, Irvine, and San Antonio, in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.
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